<p>有些人认为，波动性而非债务是投资者思考风险的最佳方式，但沃伦·巴菲特曾著名地说过：“波动性远非风险的同义词。” 当我们考虑一家公司的风险时，我们总是喜欢查看其债务使用情况，因为债务过重可能导致毁灭。与许多其他公司一样，<strong>Flight Centre Travel Group Limited</strong>（ASX:FLT）也使用债务。但这笔债务对股东来说是否构成担忧呢？</p>
<p>特朗普承诺要 “释放” 美国的石油和天然气，这 15 只美国股票的发展将受益。</p>
<h2>为什么债务带来风险？</h2>
<p>当企业无法轻松履行债务和其他负债时，这些负债就会变得风险重重，无论是通过自由现金流还是以有吸引力的价格筹集资本。资本主义的一个重要组成部分是 “创造性破坏” 的过程，失败的企业会被其银行毫不留情地清算。然而，更常见（但仍然痛苦）的情况是，企业不得不以低价筹集新的股本，从而永久性地稀释股东权益。然而，通过替代稀释，债务可以成为需要资本以高回报率投资于增长的企业的极好工具。在考虑一家公司的债务水平时，第一步是将其现金和债务一起考虑。</p>
<h2>Flight Centre Travel Group 的债务有多少？</h2>
<p>正如您在下面看到的，Flight Centre Travel Group 在 2025 年 6 月的债务为 6.244 亿澳元，较前一年的 7.592 亿澳元有所下降。另一方面，它有 6.224 亿澳元的现金，导致净债务约为 198 万澳元。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/4484222-debt-equity-history-analysis-1-dark-2/1765852835534?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1642" height="1052" original-src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/4484222-debt-equity-history-analysis-1-dark-2/1765852835534"/></p>
<p>ASX:FLT 债务与股本历史 2025 年 12 月 16 日</p>
<h2>看一下 Flight Centre Travel Group 的负债</h2>
<p>最新的资产负债表数据显示，Flight Centre Travel Group 有 21.1 亿澳元的负债将在一年内到期，774.0 万澳元的负债将在之后到期。对此，它有 6.224 亿澳元的现金和 12.4 亿澳元的应收账款将在 12 个月内到期。因此，它的负债总额比现金和短期应收账款的总和多出 10.2 亿澳元。</p>
<p>这个赤字并不算太糟糕，因为 Flight Centre Travel Group 的市值为 32 亿澳元，因此如果需要的话，可能能够筹集足够的资本来巩固其资产负债表。但我们确实希望关注其债务是否带来了过多的风险。几乎没有净债务的 Flight Centre Travel Group 的债务负担确实非常轻。</p>
<p>查看我们对 Flight Centre Travel Group 的最新分析</p>
<p>我们通过查看公司的净债务与息税折旧摊销前利润（EBITDA）的比率，以及计算其息税前利润（EBIT）覆盖利息支出的能力（利息覆盖率），来衡量公司的债务负担相对于其盈利能力。通过这种方式，我们考虑了债务的绝对数量以及支付的利率。</p>
<p>Flight Centre Travel Group 的净债务与 EBITDA 比率非常低，仅为 0.0079，表明债务只是微不足道的。尽管 EBIT 仅能覆盖利息支出 6.1 倍，公司确实在为借款付费。另一方面，Flight Centre Travel Group 的 EBIT 在过去一年中下降了 14%。我们认为，如果这种表现频繁出现，可能会给股票带来困难。在分析债务水平时，资产负债表显然是一个明显的起点。但最终，企业的未来盈利能力将决定 Flight Centre Travel Group 是否能够随着时间的推移增强其资产负债表。因此，如果您关注未来，可以查看这份 <strong>免费</strong> 报告，显示分析师的利润预测。</p>
<p>最后，虽然税务机关可能喜欢会计利润，但贷方只接受冷硬现金。因此，值得检查一下 EBIT 中有多少是由自由现金流支持的。在最近三年中，Flight Centre Travel Group 记录的自由现金流占其 EBIT 的 67%，这在正常范围内，因为自由现金流不包括利息和税。这笔冷硬现金意味着它可以在需要时减少债务。</p>
<h2>我们的看法</h2>
<p>根据我们的分析，Flight Centre Travel Group 的净债务与 EBITDA 比率应该表明它在债务方面不会遇到太多问题。但我们上面提到的其他因素并不那么令人鼓舞。具体来说，它似乎在（不）增长 EBIT 方面的表现与湿袜子保持温暖的能力一样差。当我们考虑上述所有因素时，我们对 Flight Centre Travel Group 的债务使用感到有些谨慎。虽然我们欣赏债务可以增强股本回报，但我们建议股东密切关注其债务水平，以免其增加。在分析债务时，资产负债表显然是重点。然而，并非所有投资风险都存在于资产负债表中——远非如此。例如，我们发现 <strong>Flight Centre Travel Group 有一个警告信号</strong>，在您投资之前应该注意。</p>
<p>如果您有兴趣投资那些能够在没有债务负担的情况下增长利润的企业，请查看这份 <strong>免费</strong> 的成长型企业名单，这些企业在资产负债表上有净现金。</p>
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<p>在下一轮合同之前获取投资者简报</p>
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<p>飞行中心旅游集团的债务分析显示，其债务为 6.244 亿澳元，现金为 6.224 亿澳元，净债务为 198 万澳元。尽管净债务与息税折旧摊销前利润（EBITDA）比率较低，但由于息税前利润（EBIT）下降以及负债超过现金和应收款项 10.2 亿澳元，令人担忧。建议股东密切关注债务管理</p>

<p>Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously said that 'Volatility is far from synonymous with risk.' When we think about how risky a company is, we always like to look at its use of debt, since debt overload can lead to ruin. As with many other companies <strong>Flight Centre Travel Group Limited</strong> (ASX:FLT) makes use of debt. But is this debt a concern to shareholders?</p>
<div class="lb-trans"><p>有些人认为，波动性而非债务是投资者思考风险的最佳方式，但沃伦·巴菲特曾著名地说过：“波动性远非风险的同义词。” 当我们考虑一家公司的风险时，我们总是喜欢查看其债务使用情况，因为债务过重可能导致毁灭。与许多其他公司一样，<strong>Flight Centre Travel Group Limited</strong>（ASX:FLT）也使用债务。但这笔债务对股东来说是否构成担忧呢？</p>
</div><p>Trump has pledged to &#34;unleash&#34; American oil and gas and these 15 US stocks have developments that are poised to benefit.</p>
<div class="lb-trans"><p>特朗普承诺要 “释放” 美国的石油和天然气，这 15 只美国股票的发展将受益。</p>
</div><h2>Why Does Debt Bring Risk?</h2>
<div class="lb-trans"><h2>为什么债务带来风险？</h2>
</div><p>Debt and other liabilities become risky for a business when it cannot easily fulfill those obligations, either with free cash flow or by raising capital at an attractive price. Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. However, a more common (but still painful) scenario is that it has to raise new equity capital at a low price, thus permanently diluting shareholders. By replacing dilution, though, debt can be an extremely good tool for businesses that need capital to invest in growth at high rates of return. The first step when considering a company's debt levels is to consider its cash and debt together.</p>
<div class="lb-trans"><p>当企业无法轻松履行债务和其他负债时，这些负债就会变得风险重重，无论是通过自由现金流还是以有吸引力的价格筹集资本。资本主义的一个重要组成部分是 “创造性破坏” 的过程，失败的企业会被其银行毫不留情地清算。然而，更常见（但仍然痛苦）的情况是，企业不得不以低价筹集新的股本，从而永久性地稀释股东权益。然而，通过替代稀释，债务可以成为需要资本以高回报率投资于增长的企业的极好工具。在考虑一家公司的债务水平时，第一步是将其现金和债务一起考虑。</p>
</div><h2>How Much Debt Does Flight Centre Travel Group Carry?</h2>
<div class="lb-trans"><h2>Flight Centre Travel Group 的债务有多少？</h2>
</div><p>As you can see below, Flight Centre Travel Group had AU$624.4m of debt at June 2025, down from AU$759.2m a year prior. On the flip side, it has AU$622.4m in cash leading to net debt of about AU$1.98m.</p>
<div class="lb-trans"><p>正如您在下面看到的，Flight Centre Travel Group 在 2025 年 6 月的债务为 6.244 亿澳元，较前一年的 7.592 亿澳元有所下降。另一方面，它有 6.224 亿澳元的现金，导致净债务约为 198 万澳元。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/4484222-debt-equity-history-analysis-1-dark-2/1765852835534" alt="" original-src="https://images.simplywall.st/asset/chart/4484222-debt-equity-history-analysis-1-dark-2/1765852835534"/></p>
<p>ASX:FLT Debt to Equity History December 16th 2025</p>
<div class="lb-trans"><p>ASX:FLT 债务与股本历史 2025 年 12 月 16 日</p>
</div><h2>A Look At Flight Centre Travel Group's Liabilities</h2>
<div class="lb-trans"><h2>看一下 Flight Centre Travel Group 的负债</h2>
</div><p>The latest balance sheet data shows that Flight Centre Travel Group had liabilities of AU$2.11b due within a year, and liabilities of AU$774.0m falling due after that. Offsetting this, it had AU$622.4m in cash and AU$1.24b in receivables that were due within 12 months. So its liabilities total AU$1.02b more than the combination of its cash and short-term receivables.</p>
<div class="lb-trans"><p>最新的资产负债表数据显示，Flight Centre Travel Group 有 21.1 亿澳元的负债将在一年内到期，774.0 万澳元的负债将在之后到期。对此，它有 6.224 亿澳元的现金和 12.4 亿澳元的应收账款将在 12 个月内到期。因此，它的负债总额比现金和短期应收账款的总和多出 10.2 亿澳元。</p>
</div><p>This deficit isn't so bad because Flight Centre Travel Group is worth AU$3.20b, and thus could probably raise enough capital to shore up its balance sheet, if the need arose. But we definitely want to keep our eyes open to indications that its debt is bringing too much risk. Carrying virtually no net debt, Flight Centre Travel Group has a very light debt load indeed.</p>
<div class="lb-trans"><p>这个赤字并不算太糟糕，因为 Flight Centre Travel Group 的市值为 32 亿澳元，因此如果需要的话，可能能够筹集足够的资本来巩固其资产负债表。但我们确实希望关注其债务是否带来了过多的风险。几乎没有净债务的 Flight Centre Travel Group 的债务负担确实非常轻。</p>
</div><p>Check out our latest analysis for Flight Centre Travel Group</p>
<div class="lb-trans"><p>查看我们对 Flight Centre Travel Group 的最新分析</p>
</div><p>We measure a company's debt load relative to its earnings power by looking at its net debt divided by its earnings before interest, tax, depreciation, and amortization (EBITDA) and by calculating how easily its earnings before interest and tax (EBIT) cover its interest expense (interest cover). This way, we consider both the absolute quantum of the debt, as well as the interest rates paid on it.</p>
<div class="lb-trans"><p>我们通过查看公司的净债务与息税折旧摊销前利润（EBITDA）的比率，以及计算其息税前利润（EBIT）覆盖利息支出的能力（利息覆盖率），来衡量公司的债务负担相对于其盈利能力。通过这种方式，我们考虑了债务的绝对数量以及支付的利率。</p>
</div><p>Flight Centre Travel Group's net debt to EBITDA ratio is very low, at 0.0079, suggesting the debt is only trivial. Although with EBIT only covering interest expenses 6.1 times over, the company is truly paying for borrowing. On the other hand, Flight Centre Travel Group's EBIT dived 14%, over the last year. We think hat kind of performance, if repeated frequently, could well lead to difficulties for the stock. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately the future profitability of the business will decide if Flight Centre Travel Group can strengthen its balance sheet over time. So if you're focused on the future you can check out this <strong>free</strong> report showing analyst profit forecasts.</p>
<div class="lb-trans"><p>Flight Centre Travel Group 的净债务与 EBITDA 比率非常低，仅为 0.0079，表明债务只是微不足道的。尽管 EBIT 仅能覆盖利息支出 6.1 倍，公司确实在为借款付费。另一方面，Flight Centre Travel Group 的 EBIT 在过去一年中下降了 14%。我们认为，如果这种表现频繁出现，可能会给股票带来困难。在分析债务水平时，资产负债表显然是一个明显的起点。但最终，企业的未来盈利能力将决定 Flight Centre Travel Group 是否能够随着时间的推移增强其资产负债表。因此，如果您关注未来，可以查看这份 <strong>免费</strong> 报告，显示分析师的利润预测。</p>
</div><p>Finally, while the tax-man may adore accounting profits, lenders only accept cold hard cash. So it's worth checking how much of that EBIT is backed by free cash flow. Over the most recent three years, Flight Centre Travel Group recorded free cash flow worth 67% of its EBIT, which is around normal, given free cash flow excludes interest and tax. This cold hard cash means it can reduce its debt when it wants to.</p>
<div class="lb-trans"><p>最后，虽然税务机关可能喜欢会计利润，但贷方只接受冷硬现金。因此，值得检查一下 EBIT 中有多少是由自由现金流支持的。在最近三年中，Flight Centre Travel Group 记录的自由现金流占其 EBIT 的 67%，这在正常范围内，因为自由现金流不包括利息和税。这笔冷硬现金意味着它可以在需要时减少债务。</p>
</div><h2>Our View</h2>
<div class="lb-trans"><h2>我们的看法</h2>
</div><p>On our analysis Flight Centre Travel Group's net debt to EBITDA should signal that it won't have too much trouble with its debt. But the other factors we noted above weren't so encouraging. To be specific, it seems about as good at (not) growing its EBIT as wet socks are at keeping your feet warm. When we consider all the factors mentioned above, we do feel a bit cautious about Flight Centre Travel Group's use of debt. While we appreciate debt can enhance returns on equity, we'd suggest that shareholders keep close watch on its debt levels, lest they increase. The balance sheet is clearly the area to focus on when you are analysing debt. However, not all investment risk resides within the balance sheet - far from it. For example, we've discovered <strong>1 warning sign for Flight Centre Travel Group</strong> that you should be aware of before investing here.</p>
<div class="lb-trans"><p>根据我们的分析，Flight Centre Travel Group 的净债务与 EBITDA 比率应该表明它在债务方面不会遇到太多问题。但我们上面提到的其他因素并不那么令人鼓舞。具体来说，它似乎在（不）增长 EBIT 方面的表现与湿袜子保持温暖的能力一样差。当我们考虑上述所有因素时，我们对 Flight Centre Travel Group 的债务使用感到有些谨慎。虽然我们欣赏债务可以增强股本回报，但我们建议股东密切关注其债务水平，以免其增加。在分析债务时，资产负债表显然是重点。然而，并非所有投资风险都存在于资产负债表中——远非如此。例如，我们发现 <strong>Flight Centre Travel Group 有一个警告信号</strong>，在您投资之前应该注意。</p>
</div><p>If you're interested in investing in businesses that can grow profits without the burden of debt, then check out this <strong>free</strong> list of growing businesses that have net cash on the balance sheet.</p>
<div class="lb-trans"><p>如果您有兴趣投资那些能够在没有债务负担的情况下增长利润的企业，请查看这份 <strong>免费</strong> 的成长型企业名单，这些企业在资产负债表上有净现金。</p>
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<div class="lb-trans"><p>下一波机器人技术不是类人型的。它是完全自主的塔，在 30 分钟内提供 5G、ISR 和雷达，随时随地。</p>
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Flight Centre Travel Group (ASX:FLT) 是否是一个风险较高的投资？